LG Chem, Seoul, South Korea, a science-oriented corporation leading with science for sustainability, announced its business strategy for its three new growth engines by 2030. LG Chem is set to secure its global leadership in high-nickel cathodes around three key areas – market, technology and metal sourcing.
LG Chem plans to strengthen its market leadership by establishing a global quadrilateral production system, connecting Korea, China, US and Europe, to make cathodes. LG Chem will tighten its technology leadership by expanding its high-nickel cathode product lineup for pouch-type and cylindrical batteries, mass-producing ultra-high-nickel cathodes with nickel content of 95% and extending the application of single crystal cathode materials technology in the sector.
LG Chem is also actively considering expanding its offerings with cost-efficient cathode materials including high-voltage mid-nickel, lithium iron phosphate and manganese-rich to meet customer needs and target the growing mass market for electric vehicles. LG Chem is cementing its global partnerships to secure its metal supply chain. In China, North America, Australia and Korea, LG Chem is carrying out various initiatives such as establishing joint ventures for precursors, signing lithium contracts, and making equity investments with major players including Huayou Cobalt, Piedmont Lithium and Korea Energy Management Cooperation.
LG Chem also projects to expand its business in additional battery materials by seeking opportunities for partnerships based on LG Chem’s technological advantages. In addition, LG Chem will actively explore growth opportunities based on innovative materials.
For more information, visit www.lgchem.com.